Group Overview
Brickworks has a diversified corporate structure that has delivered stability of earnings over the long term. There are four divisions within the Brickworks Group structure: Building Products Australia, Building Products North America, Property, and Investments.
Group Overview
Group Overview
Brickworks Limited is a dynamic and innovative group of internationally owned companies. We specialise in property, investments and the manufacture and distribution of building products for the residential and commercial markets.

Our Building Products division is one of Australia’s largest, best known and most diverse building material manufacturers. Our products include clay bricks and pavers, concrete masonry blocks, retaining wall systems, engineered and stone pavers, precast concrete panels, concrete and terracotta roof tiles, and terracotta façades systems.

In late 2018, Brickworks announced it’s first US based acquisition of Glen-Gery, the fourth largest brick manufacturer in the USA. Since this time the North America business has continued to grow through further acquisitions and is now established as the leading brickmaker in the key North eastern region, with a reputation for premium products and high exposure to the architectural market.

With a broad product portfolio and manufacturing and sales facilities across Australia & North America, Brickworks is uniquely placed to service the demands of the building industry.
Corporate Structure
Brickworks has a diversified corporate structure that has delivered stability of earnings over the long term. There are four divisions within the Brickworks Group structure — Building Products Australia, Building Products North America, Investments and Property.
Group 914

Brickworks Property

The Property division was originally established to maximise the value of land that is surplus to the Building Products business.

Over time, the Property division has evolved and now consists of two Joint Venture Property Trusts with Goodman Group, plus 100%-owned land holdings, both operational and for development.

Brickworks holds a 50% interest in the Industrial JV Trust. This was established in 2005, for the specific purpose of capturing the initial valuation uplift from re-zoning and then benefitting from the long-term value appreciation and the stable, growing annuity-style income stream derived from the developed assets.

This Trust has grown significantly since its inception, and now has total assets of $4.8 billion. After including debt, Brickworks 50% share of the Industrial JV Trust has an equity value of $1,758 million.

In July 2022, Brickworks launched the Brickworks Manufacturing Trust. This comprises a portfolio of 15 manufacturing plants, tenanted by the Group’s Australian Building Products businesses. Brickworks holds 50.1% ownership of this Trust, with the remaining 49.9% interest sold to Goodman Group.

The creation of this new Trust allows Brickworks to realise the underlying value of operational land assets and will be actively managed to improve site utilisation and enhance the value of these properties.

The Brickworks Manufacturing Trust has total assets of $389 million and no debt. Brickworks 50.1% ownership had an equity value of $195 million as at 31 January 2024.

Along with its interest in the Industrial JV Trust and the Brickworks Manufacturing Trust, Brickworks retains around 5,000 hectares of 100%-owned operational and development land across Australia and North America. This includes a number of sites earmarked for future development.

Brickworks Investments

Investments consists primarily of a 26.1% interest in ASX-listed Washington H. Soul Pattinson (‘WHSP’) (ASX: SOL), which had a market capitalisation of $11.894 billion as at 31 July 2023. The market value of Brickworks stake in WHSP was $3.108 billion at this date.

WHSP is a diversified investment house with a portfolio encompassing strategic investments in major listed companies, a large cap equity portfolio, private equity investments, interests in a wide range of emerging companies and a structured yield portfolio. The investment in WHSP dates back to 1968 and delivers a stable dividend stream that provides Brickworks with security to weather periods of weaker building products demand. The investment has also delivered strong long-term returns to shareholders.

This shareholding in WHSP is an important source of earnings and cashflow diversification for the company and has been a key contributor to Brickworks’ success for more than four decades.

Investments also includes a 16.49% stake in FBR Limited (‘FBR’) (ASX: FBR).

Building Products Australia

Building Products Australia is a leading manufacturer and distributor of building products across all Australian states. Since 2002, the Building Products Group has grown from a two-state brick manufacturer, in New South Wales and Queensland, to a diversified national building products business.

In total, Building Products Australia comprises 20 manufacturing sites (currently operating), 33 company-owned design centres and studios and a vast network of resellers across the country.

The portfolio includes:

Building Products North America

Building Products North America was established upon the acquisition of Glen-Gery in November 2018. This was followed by further bolt-on acquisitions of Sioux City Brick in August 2019, Redland Brick assets in February 2020 and Illinois Brick Co (“IBC”) assets in August 2021.

Brickworks North America now has a leading position in the Midwest, Northeast and Mid-Atlantic states, and has a strong focus on architectural and premium products.

It has seven currently operating brick manufacturing sites and one manufactured stone plant. This is complemented by a network of 26 company-operated distribution outlets, three design studios (New York, Philadelphia and Baltimore) and a vast reseller network.

Board of Directors
Robert D. Millner AO Chairman
Mr. R. Millner is the non-executive Chairman of the Board. He first joined the Board in 1997 and was appointed Chairman in 1999.

Mr Millner brings to the Board broad corporate, investment, portfolio and asset management experience gained across diverse sectors including telecommunications, mining, manufacturing, health, finance, energy, industrial and property investment in Australia and overseas.

He is an accomplished company director with an extensive understanding of governance and compliance, reporting, media and investor relations.

He is a member of the Remuneration and Nomination Committee.

Mr Millner holds directorships in the following listed companies:

  • Washington H. Soul Pattinson and Co. Ltd
  • Aeris Resources Limited
  • Apex Healthcare Berhad
  • New Hope Corporation Ltd
  • TPG Telecom Ltd
  • BKI Investment Company Ltd
  • Tuas Limited

During the last 3 years, Mr Millner also held listed company directorships in:

  • Milton Corporation Limited (resigning October 2021)
  • Australian Pharmaceutical Industries Ltd (resigning July 2020)
  • TPG Corporation Limited (resigning July 2020)
Lindsay R. Partridge AM Managing Director
BSc. Hons. Ceramic Eng; FAICD; Dip CD
Mr Partridge was appointed Managing Director in 2000.

He is a qualified ceramic engineer and has extensive commercial, manufacturing, marketing, technical and operational experience including numerous senior management positions he has held in the building products manufacturing sector in Australia and the USA.

Since his appointment as Managing Director Brickworks has grown significantly in terms of size and profitability and successfully expanded into industrial property development.

He is an experienced company director with substantial expertise in governance, human resources, compliance reporting, media, investor relations and mergers and acquisitions.

He was awarded the Member of the Order of Australia in 2012 for services to the Building and Construction Industry, particularly in the areas of industry training and career development. And in 2018 was awarded the esteemed “Sir Phillip Lynch Award”, by the Housing Industry Association in recognition of his immense contribution to the Housing Industry.
Deborah R. Page AM Non-Executive Director

Mrs Page was appointed to the Board in July 2014.

She has extensive financial expertise, having been a partner at Touche Ross/KPMG Peat Marwick, and a senior executive with the Lend Lease Group, Allen Allen and Hemsley and the Commonwealth Bank.

She has specific experience in corporate finance, accounting, audit, mergers & acquisitions, capital markets, insurance and joint venture arrangements.

Mrs Page also has extensive experience as a company director gained across ASX Listed, private, public sector and regulated entities including in the telecommunications, utilities, insurance, technology, renewables, funds management and infrastructure sectors.

As an experienced director and Audit and Risk Committee Chair her skills also include Board leadership, governance, risk management and compliance.

Mrs Page is the Chair of the Audit and Risk Committee, and a member of the Remuneration and Nomination Committee.

Mrs Page is a member of Chief Executive Women and was appointed as a member of the Takeovers Panel in March 2022.

Mrs Page holds directorships in the following listed companies:

  • Pendal Group Limited
  • The Star Entertainment Group Limited
  • Service Stream Limited
  • Growthpoint Properties Australia Limited
Malcolm P. Bundey Non-Executive Director
BBus (Accounting), GAICD
Mr Bundey was appointed to the Board in October 2019.

Mr Bundey has valuable experience as a CEO & Managing Director with particular expertise in managing complex global manufacturing operations including as CEO of Pact Group, CEO of Evergreen Packaging, CEO of Graham Packaging and CEO of Closure Systems International.

These companies each operated multi-location and geographical plants across a wide range of regulatory jurisdictions including Australia and the USA.

Mr Bundey also has extensive financial experience having been a CFO at Goodman Fielder and a partner at Deloitte.

He has in depth knowledge of the health, safety and environment risks associated with manufacturing operations and expertise in mergers and acquisitions and asset management.

He is Chair of the Remuneration and Nomination Committee, and a member of the Audit and Risk Committee.

Mr Bundey has no current listed company directorships. During the last three years, he was an executive director of Pact Group Holdings Ltd (resigning from the board in September 2018).
Robyn N. Stubbs Non-Executive Director
BBus, M.Sc., GAICD

Ms Stubbs was appointed to the Board on 1 January 2020.

She has valuable operational experience in property leasing, sales and marketing, strategy and new product development having spent more than 25 years in senior sales and marketing roles in the media and property sectors.

Most recently Ms Stubbs was General Manager of Retail Leasing at Stockland and prior to this she held property management, sales and marketing roles at Lend Lease, Fairfax, Network Ten and Unilever.

Ms Stubbs’ skills also include mergers and acquisitions, capital markets, governance, risk management and compliance.

She is a member of the Remuneration and Nomination Committee and the Audit & Risk Committee.

Ms Stubbs holds a listed directorship in Inghams Group Limited. She is also currently a director of HMC Funds Management Limited (as the responsible entity of the HomeCo Daily Needs REIT).

During the last 3 years she also held a listed company directorship with InvoCare Limited (resigning in February 2021) and Aventus Group (which merged with HomeCo Daily Needs REIT in March 2022).

The Hon. Joel. A. Fitzgibbon Non-executive Director 

Mr Fitzgibbon was appointed to the Board in January 2023. 

He has extensive government experience having served in the House of Representatives from 1996 to 2022, representing the New South Wales seat of Hunter. He served as Minister for Defence in 2007–2009, Minister for Agriculture, Fisheries and Forestry in 2013 and was Chief Government Whip in the House of Representatives from 2010–2013.

Mr Fitzgibbon has considerable expertise in public policy, social and environmental issues.

He is a member of the Remuneration and Nomination Committee and the Audit & Risk Committee.

He is a Non-executive director of the Australian Forest Products Association and retained as Special Counsel by CMAX Advisory.

Mr Fitzgibbon has no current listed company directorships and has held no other listed company directorships in the last three years.

Group Executive Team
Lindsay R. Partridge AM Managing Director
BSc. Hons. Ceramic Eng; FAICD; Dip CD
Mr Partridge graduated as a ceramic engineer from the University of New South Wales, and worked extensively in all facets of the clay products industry in Australia and the United States before joining the Austral Brick Company in 1985. In 2008, Mr Partridge completed the Stanford University Executive Development Program. He held various senior management positions at Austral before being appointed Managing Director of Brickworks in 2000.Since then, Brickworks has grown significantly in terms of size and profitability as its operations have become Australia-wide, with its product range extending beyond bricks to tiles, pavers and masonry and activities expanding into property development.

Mr Partridge has also had extensive industry involvement, and was previously a director of various industry bodies, including the Australian Brick and Blocklaying Training Foundation and the Clay Brick and Paver Institute.

In 2012 he was awarded the Member of the Order of Australia for services to the Building and Construction Industry, particularly in the areas of industry training and career development, and to the community. He was previously a director of the Children’s Cancer Institute of Australia.
In 2018 the Housing Industry Association awarded Mr Partridge the “Sir Phillip Lynch Award”, their highest award. The award was in recognition of a lifetime contribution to the Housing Industry.
Mark Ellenor Chief Executive Officer
Mr Ellenor was appointed to the position of Chief Executive Officer in April 2024.

Mr Ellenor started with Austral Bricks in the graduate program in 1999, progressed through management, and was promoted to General Manager Eureka Tiles in 2006, General Manager Austral Bricks NSW in 2009, General Manager Austral Bricks Australia in 2017 and Group General Manager Austral Bricks and Bristle Roofing in 2018.

Mr Ellenor was President of our North American operations for five years where he led the successful expansion into North America and extensive plant consolidation program that followed. He assumed the role of General Manager Building Products in August 2022 overseeing all Building Products businesses in Australia and North America.

In August 2023, Mr Ellenor returned to Australia and was appointed Chief Operating Officer of the Brickworks Group with responsibility across the Building Products, Property and Development businesses.

Mr Ellenor has a Bachelor of Business from the University of Newcastle and has completed the Stanford Executive Program and Wharton Executive Education Program.
Grant Douglas Headshot
Grant Douglas Chief Financial Officer
Hons BCompt; CA; GAICD
Mr Douglas was appointed Chief Financial Officer in August 2022. He is a Chartered Accountant with extensive international experience in both public practice and senior finance leadership roles focused on listed Australian and international companies. Grant joined Brickworks in 2011 and worked across multiple senior finance roles in Australia and as Executive Vice President – Finance for Brickworks Building Products – North America from 2018 to 2022, where he was integral in the establishment and growth of the North American business. He is responsible for all financial operations of the business including group accounting and taxation, treasury, banking and finance and investor relations.
Susan Leppinus Company Secretary and General Counsel
B.Ec; Llb; Grad Dip App Fin
Ms Leppinus was appointed Company Secretary and General Counsel in April 2015. She is admitted to practice in NSW and has over 15 years’ experience as a company secretary and general counsel. She has worked closely with boards and senior management in ASX 200 companies, and has significant experience in mergers and acquisitions, contract negotiation, corporate governance, corporate and commercial law. She is responsible for the legal governance and company secretarial functions of the Group, including liaising with the ASX, ASIC and other regulatory bodies.
Megan Kublins Executive General Manager – Property & Development
BSc, B Arch
Ms Kublins was appointed General Manager Property in November 2001 and became Executive General Manager Property in 2006. She has over 22 years experience in the property industry gained in public and private organisations in the capacity of both landowner and developer. She manages all of Brickworks property assets, including over 3,500 hectares of land. Her primary focus is to identify value creation opportunities within this portfolio. She is responsible for the growth and management of the Goodman/Brickworks JV, which was established and grown under her direction. Megan has completed the Stanford Executive Program.
David Fitzharris Executive GM
Brickworks Australia
Mr Fitzharris was employed by Brickworks in 1987 and for the past 32 years has held various senior executive positions including East Coast General Manager Austral Bricks. He was appointed to the role of Group General Manager Brickworks Sales in 2003 and Group General Manager Austral Bricks in February 2019. He is involved in the strategic direction of the group and has responsibility for all sales, customer service, import/export activities across the Group and has actively developed key customer relationships across all business units. He is also a board member of New Zealand Brick Distributors and represents Brickworks at a number of industry associations currently Chairman of Think Brick Australia.
Top Shareholders
The names of the substantial shareholders as disclosed in substantial shareholder notices received by the Company:

Substantial Shareholder

As of 31 August 2023

The names of the substantial shareholders as disclosed in the shareholder notices received by the Company:

Substantial Shareholder
Number of Shares
Washington H Soul Pattinson & Company Limited

Top 20 Shareholders

20 Largest Shareholders as disclosed on the Share Register as of 31 August 2023

Numbers of shares
Washington H Soul Pattinson & Company Limited
HSBC Custody Nominees (Australia) Limited
Citicorp Nominees Pty Limited
J P Morgan Nominees Australia Pty Limited
National Nominees Limited
J S Millner Holdings Pty Limited
T G Millner Holdings Pty Limited
Argo Investments Limited
HSBC Custody Nominees (Australia) Limited – A/C 2
BKI Investment Company Limited
HSBC Custody Nominees (Australia) Limited < NT-COMNWLTH Super Corp A/C >
Mr Gregory James Stonier
Mr James William Stonier
Mrs Kathryn Elizabeth Hozack
Millane Pty Limited
Dixson Trust PTY Limited
Hexham Holdings PTY Limited
Mrs Louise Margaret Rasmussen
Corporate Governance

The Board of Brickworks Limited is committed to developing and maintaining good corporate governance within the Company, and recognises this can only be achieved through its people and their actions.

Brickworks Limited has policies and procedures in place that help to ensure the highest standards of corporate governance.We abide by all laws of Australia and the requirements of regulatory authorities in each State.

Business Ethics & Code of Conduct

Brickworks has a Code of Conduct under which all Directors, senior management and employees are expected to operate. This Code is centred on having Brickworks and its employees achieve the highest level of integrity in all its business dealings at all levels of the organisation.

Anti-Bribery & Corruption

Brickworks is committed to conducting business in accordance with high ethical standards, integrity and accountability.

We have adopted a policy prohibiting bribery and corruption of public officials, making political donations, secret commissions, making or receiving facilitation payments and kickbacks.

Whistleblower Program

Consistent with our commitment to act fairly, with honesty and integrity Brickworks has a Whistleblower Policy and has implemented Behonest@Brickworks an anonymous whistleblower service delivered by Deloittte.

Modern Slavery

Brickworks is committed to respecting and supporting the dignity, well-being and human rights of employees and the supply chain, working collaboratively with our partners and suppliers to ensure business is conducted in an honest and ethical manner. This includes identifying and addressing modern slavery and human rights risks throughout our business and supply chain.

Securities Trading

Brickworks has adopted a Securities Trading Policy to provide guidance to all Directors, senior management employees, and their connected persons, if they are contemplating buying or selling Brickworks securities.

Continuous Disclosure

We are committed to keeping our shareholders informed about the Company’s activities.
We aim to provide relevant information to shareholders in a timely manner which is supported by our Continuous Disclosure Policy.

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